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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following table summarizes income tax expense for the years ended December 31, 2022, 2021 and 2020.

			2022						2021						2020
Current expense			$	5,170					$	7,072					$	6,602
Deferred (benefit) expense			(591)						942						(554)
Income tax expense			$	4,579					$	8,014					$	6,048

Reconciliation of Effective Income Tax Rate to Statutory Federal Rate

The following table reconciles the Company's effective income tax rate to its statutory federal rate for the years ended December 31, 2022, 2021 and 2020.

			2022						2021						2020
Statutory federal tax rate			21.0		%				21.0		%				21.0		%
Increase (decrease) resulting from:
State taxes, net of federal benefit			1.6						1.1						1.0
Tax exempt interest income			(4.1)						(1.7)						(2.0)
Income from life insurance			(1.3)						(0.9)						(1.1)
Disallowed interest expense			0.3						—						0.1
Low-income housing credits and related expense			(0.2)						(0.2)						(0.8)
Share-based compensation and related expense			(0.5)						0.2						—
Other			0.4						0.1						0.4
Effective income tax rate			17.2		%				19.6		%				18.6		%

Summary of Deferred Tax Assets and Liabilities

The following table summarizes the Company's deferred tax assets and liabilities at December 31, 2022 and 2021.

			2022						2021
Deferred tax assets:
Allowance for loan losses			$	5,594					$	4,655
Deferred compensation			434						515
Retirement and salary continuation plans			3,000						2,633
Share-based compensation			774						681
Off-balance sheet reserves			359						353
Nonaccrual loan interest			467						220
Deferred loan fees			493						1,604
Net unrealized losses on AFS securities			10,405						—
Net unrealized losses on cash flow hedges			204						—
Purchase accounting adjustments			896						1,236
Bonus accrual			1,241						930
Right-of-use lease liability			2,194						2,444
Net operating loss carryforward			1,974						2,218
Depreciation and other			99						67
Total deferred tax assets			28,134						17,556
Deferred tax liabilities:
Depreciation			—						368
Net unrealized gains on AFS securities			—						1,183
Mortgage servicing rights			884						887
Purchase accounting adjustments			675						915
Right-of-use lease asset			2,054						2,311
Investment in partnerships			473						229
Other			17						15
Total deferred tax liabilities			4,103						5,908
Deferred tax asset, net			$	24,031					$	11,648

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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